Mitsui & Co., one of the largest global trading and investment companies, is moving forward with a $1.6 billion project to build a gas-fired power plant in Rayong Province, Thailand.
Mitsui greenlighted the project following the signing of a financing agreement for the 2,500-megawatt plant, according to the company. The Japan Bank for International Cooperation (JBIC) is funneling $208 million into the project, and a number of other Asian banks are committing a further $1.36 billion.
The plant will be built, owned and operated by a joint venture 30 percent owned by Mitsui and 70 percent owned by Gulf Energy Development Co., a major Thai private power company. Mitsui said this will be the fourth major project to be developed by the joint venture in Thailand. The partners are also building a 2,500-megawatt gas-fired power plant in Chonburi Province and operate a small-scale power plant, with a combined capacity of 6,470 megawatts.
“Sustainability is a key gro
